Is March going to be a bullish month for Bitcoin?

Bitcoin price is looking to maintain support at the $44,000 USD level heading into the next month. The price of Bitcoin saw a minor dip in price over the weekend, before bouncing back above $45,000 USD. Some analysts are pointing out that more miners are selling, which has resulted in the latest dip.

While this might sound like a reason for caution, it might be bullish in the long-run. According to Glassnode, the Bitcoin Spent Output Profit Ratio (SOPR) has seen a “full reset”, meaning profit-taking might have abated and long-term investors will be looking to hold

Decentrader co-founder Philip Swift also noted that the SOPR dip is worthwhile considering as a metric in the market’s future health. He believes that this is a possibly bullish point in the crypto market, especially in conjunction with last week’s funding rates which have historically been followed by a price hike.

As he noted:

March a bearish time for Bitcoin

Many traders, however, remain cautious about where Bitcoin might be headed this month. Historically, this time of year has had a hard time gaining and maintaining strength. Last year in March, Bitcoin saw a crash in price before gaining back its value over the year. Experts believe that this current price level of Bitcoin, between $44,000 USD and $45,000 USD remains the key level to watch.

Related Articles

Kraken to expand services to stocks and ETFs

US-based crypto exchange Kraken has announced plans to expand its products with intention to expand globally too.

US government shutdown looms, possibly delaying crypto bills

An impending possible United States government shutdown could spell further delays in the cryptocurrency regulatory legislation.

Binance and CZ fight back with a motion of dismissal

Following the lawsuits against Binance from the SEC, the exchange and its CEO have filed a motion of dismissal.

Mt Gox delays payments even further

Mt Gox has delayed the deadline to reimburse investors yet again, marking another year in a decade long delay.

See All